Free trade agreements (FTAs) open up market access between signatory countries by reducing barriers to trade, which makes it easier and more cost effective for U.S. companies to export their products and services to trading partner markets. However, this process isn't always that easy. For many trade compliance professionals, the most complex challenge is understanding and navigating the various “rules of origin.” Rules of origin are highly complex and technical rules that describe how exported goods shipped to a country or region may qualify for duty-free or reduced-duty benefits under the applicable trade agreement.

Free trade agreements and foreign trade zones offer an attractive opportunity for US importers to reduce or eliminate duties and taxes, but these benefits hide behind a maze of complex protocols, dense paperwork, and red tape. Sourcing and supply chain executives must also balance duty considerations against material quality, production capacity, and number of components.

As you have heard by now, the British public voted in favor of a Brexit, or exit, from the European Union (EU). Of the British electorate, 17.4 million (51.9%) casted their votes in favor of Brexit compared to 16.1 million (48.1%) in favor of continued membership with an overall turnout of 72.2%, which is higher than most expected. So what does this mean for the future of the UK and global trade?

Emotions are running high in the debates about Great Britain leaving or staying in the European Union (EU) ahead of the EU referendum on June 23. The controversies also catch the headlines in other European countries, albeit to a lesser extent. So what exactly does this mean for the UK?

Since November of 2009 the U.S. government has been negotiating the terms of its largest and most progressive trade agreement, the Trans-Pacific Partnership Agreement. Comprised of 12 countries, this comprehensive accord will create vast opportunities, as well as many compliance responsibilities, for a number of U.S. industries.

Manufacturers can spend almost 50 percent of revenue on purchasing parts alone, which places low-cost sourcing at the top of any business strategy. To maximize your company’s savings, look no further than free trade agreements (FTAs).